Required information [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 155 units @ Units Acquired at Cost $ 8.00- Units sold at Retail $1,240 115 units @ $17.00 90 units @ $7.00- 630 95 units $17.00 210 units 455 units $ 6.50- 1,365 $3,235 210 units 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fail between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit?